Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-02-27
REAL ESTATE RISING
A HEaLrHy ACTIVITY FOLLOWING A
LONG PERIOD or LETHARGy.
Richmond and Suburban Property Steadily
Increasing In Value
The Reason.

A Dispatch man yesterday went
among the real-estate dealers ard ask
ed, lis there boom in Richmond real
estate ?" Finding that all declared
that there was an advance end which
many thought could bc Justly termed ga
BOOM" inquiry was prosecuted as to
"what is the chief reason for il at this
time" Questions we're also asked
"Do you hear Of any new manufac-
turing enterprises 10 be started here ?"
and "Can you give some examples of
how real estate has risen?" Results
are gwen below:
REASONABLE ADVANCE.
J. Thompson Brown 4 Co. Real estate has
advanced In value all over the country, and II
In natural that itshouid rise In Richmond. You
ask II there Ia "a boomf" That depends on
what you call "a boom" n you moan there
has been such boom as " now going on IN
Birmingham, ST Paul. Chicago, and kansas
City, We reply, No We would not call the al
vance In Richmond really exactly boom. IL
is n hoalthful state OF activity succeeding
hong state OF lethargy and want OF enterprise.
For twenty years after the war II was as much
a. our people could do TO make living. While
everybody was scratching for bread and meat
they could not put money Into public buildings,
street railways, and other enterprises which
develop the city aud cause real estaio 70 IN
crease In value; but now We begin 70 see the
result a. our long years OF labor ana economy.
some Of our people have grown rich, aud all
nTe accommodating mooney. They are buying
real estate because 10 ~ cheaper than any other
investment, is safer, and pays better revenue
than any other Investment, and is yet alb
nagf4F MI ha
been cranped aud her developments i'm
peded by a lack Of facility for trans
partation 10 and from the suburbs.
Now 70 n az be considered certain that street
railways are going 20 10 bhilt In VARIOUS diro'-
tons, which will enable people at moderate
means 90 get out Of the city proper, which will
cause her 90 expand In all dmectons The
public feels that this growth and expan-
sion Is coming, and Il shows its common sense
and judgment in Fastening 20 get the a1van-
tage OF IL. IL IL not n boom yet. but the boom
Is coming when tho public sees that me city
authorities have vision enough 10 encOuraAe
instead OF ohstructing the cnterprising mon
who want 20 build our railroads aud give US
means OF transportation.
Richmond IL virtually the terminus OF the
Terminal road, which from line OF 40 miles
has grown 20 be a grand trdnk line OF 600
mixes. Our people are borrowing less money
and our hanks having ample capital their rates
are lower than any other southern city. These
things with public and private enterprises now
being pushed forward, guarantee that Rich
mond will be, as IL should be, the metropolis Of
the South. As 10 new enterprises, besides
those previously mentioned by your enter
prising journal only to-day the entire stock was
subscribed TO commence at once large glass
mandatory. This was done under the lcai-
orship OF MElor Norman '. Randolph We are
at present negotiating for a site for large
manufactory for n new line not now in Rich
mond, which will employ several hundred
hands. We know Of other large enterprises
that will bring large amounts 10 this city, but
nj al a mention thpIn.
GREAT IMPROVEMENT IN THE MARKET.
Mr. James II. Elan: There has recently been
great improvement in the market generally.
while in certain localities and In certain classes
Of properiy-notably In the western portion OF
the city. and In vacant grounds along the pro-
posed line Of street ralway-there has been
unusual activity. There are local causes-such
a. proposed street railways, street improve
menis, new public buildings. and the growth OF
the city generally. The chief reason. however,
is the fact that so many Of our leading capital
lists and cautious businessmen are giving prac-
teal demonstration of their preference for real
estate investments by purchasing largely ana
at liberal prices. learn that number of
manufacturing enterprises are contemplated
two or more shoe factories, glass-factOry,
spoke and hub-factory, and others Many sales
have been made recently in the Localities Wnicn
have mentioned at an advance OF 80 per cCAt
upon the prices Of q year ago.
With street railways extending 70 Church and
Union Hills, 20 the Boulevard, and other SUI
with ~. Paul ana Duluth
A VERY DECIDED BOON.
r. b. Chafin & Co. Yes; / tell you there is
decidedly boom In real estate in the city. As
evidence several hundred thousand dollars
worth of property has changed hands in the
last fix or twelve months at from % TO 100 per
cent more than what the asking price was a
little over a year ago, and large sales are being
made daily by the real estate agents in the
city. Richmond city property has always been
that
know OF that possesses such advantages as this
city does, with vast wdtcr-poWer adapted
for manufacturing purposes, and with It's
railroad facilities. In the last ten
years number Of our citizens have
made thousands Of dollars, and they
realize that the safest Investment Of their
money is TO put II in real estate know OF two
different parties living out Of the State who
contemplate moving their entire manufa, turing
establishments 70 this city. They will employ
a large number Of mechanics, and as soon "a
they can obtain desirable locations TO build
plants will commence operations az once. |
would give yOu the names and character of the
goods they make, but 30 not think II prudeniat
this time, for fear il might Interfere with their
purchasing property. The future Of the city is
brighter than | have seen il for number Of
years. Rents have stiffened, and there are
fewer desirable houses for rept than have
eeen for come time. lhear Of number Of pri-
waite buildings that will DO built during the year,
and OF other enterprises that are contemplated
We sold TO Major John W. Johnston, OF Biz
mingham. Ala. a short time AGO a nine-acre
LOT west Of the Boulevard for 81 800 per acre.
Lands between the old and New reservoir have
advanced considerably, and Church-iin pro-
perry is improving and yielding handsome
per cent on investments made Ia the past
twelve months.
While the Dispatch man was talking 20 Mr..
Cbafiin gentleman representing Philadel-
mia syndicate was in his ofice looking after
Investments in this city.
MONEY 10 PLENTIFUL.
Mr.. II. Seldom Taylor: Sales of city and west
suburban real estate have been quite brisk du-
ring the past four months at q decided advance
in prices, especially in that portion OF the West
End lying between Broad street and the river,
extending out as far as the New reservoir. ]
attribute this 70 the fact that money Is plenti-
full. Prices have been too low, and capitalists
are now realizing that real estate is the most
solid Of all investments and Will In the end
prove most profitable.
REAL ESTATE SELLING WELL.
Sutton 4 Co. There II a considerable boom
nOw In real estate, especially In the West End,
but In fact real estate is selling well in any
portion Of the city. This, We think, IL due 10
The fact that the businessmen aud citizens Of
Richmond are in prosperous condition, and
they find that real estate is safer than other
things. and pays well an investment We
have heard of a number On manufacturing en-
teIprises 10 be started this spring, and have no
doubt that during the year the manufacturing
interest Of Richmond Will boom up consdera-
bly,.
SUBURBAN PROPERTY AT FANCY PRICES.
Messrs. Chewing & Rose said There IL no
boom In the city, but In her suburbs property
is selling at fancy prices. Where or when il
will end We know not IL IL, however, CRAFTY
Ing TO know that the deals are being made by
gentlemen OF wealth. aud II a reaction should
occur they are able 10 stand IL. We think the
wlsest move has been in the East End. Pro-
perry is advancing in that section, but not be-
yond the reach OF the wOrkincmeu, who are
really our mainstay as buyers and renters.
We think agent does himself aud his bust
ness great injustice in misrcpresenting pro
perry under his charge. IL one man Is fieeced
he not only condemns the shearer, but indis-
oriminately dafuns the whole fraternity; hence
the necessity for conservative dealing He who
hestens rot TO grow rich at the expense Of
others viii sooner or later reap his reward
The only reason we see for tho boom "a do
fectiye judgment. We know Of no new manu-
featuring enterprises that are not already
made known 10 the public. We have heard OF
q few cases OF rapid advances, which wo are
sure viii be given you by those who made the
deals. We are undoubtedly a prosperous peO-
pie and II this speculative fever Is not INDUCED
Ia by those whs cannot AFFORD a loss all win be
we'll
GOOD PROMISE.
George T.. Crawford, Esq. Yes, there Is a
ioCm Properly has advanced 800 per cent In
many sections Of the West Knd. This boom
has teen looked forward 10 by practical bush
nees-men ever since the completion Of the New
Reservoir Park aud the opening up OF the
streets In that sectien. There is much talk OF
new manufacturing enterprises 20 be started
EaW ard otraT